The US Treasury Department has sanctioned two Iranian maritime companies, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, accusing them of generating revenue for the Islamic Revolutionary Guard Corps (IRGC). One of these companies, HormuzSafe, allegedly accepted Bitcoin and other cryptocurrencies to bypass Western sanctions and fund the IRGC. The Strait of Hormuz, through which approximately one-fifth of global oil trade passes, is at the center of these tensions. The Treasury also sanctioned eight companies linked to Iran’s shadow fleet and identified eight vessels as blocked property.
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